DB Realty raises Rs 920 crore through QIP issue

Realty developer DB Realty has raised over Rs 920 crore through Qualified Institutional Placement with the issuance of 356.66 lakh equity shares to global and domestic investors.

In the last two years, the company has raised around Rs 2,470 crore through three equity raises, the company said in a regulatory filing.

The company has also approved the incorporation of a new wholly-owned subsidiary, Advent International, to acquire the company's substantial interests in the hospitality business through an NCLT scheme of arrangement (demerger) process.

The hospitality business includes stakes in operational properties in Mumbai, Goa, Delhi and 2,000 keys in the upcoming three hotels in Mumbai. Post-demerger the shares of Advent International will be listed on both BSE and NSE.